Study: ICOs with smiling members raise up to 95% more money

Unfortunately, this perceived trustworthiness doesn’t positively affect token performance.

A professor of finance from the Hanken School of Economics in Finland recently published preprint research indicating that initial coin offerings (ICOs) tend to make more money when the people offering them appear to have more “trustworthy” faces.

Dubbed “The Value of a Smile,” the paper’s author, professor Sinh Thoi Mai, claims observed ICOs with member images that rank highly on a trustworthiness scale earn up to 95% more investments than those at the lowest end of the scale:

The professor manually collected a sample of 5,826 ICOs “from various sources,” with a total amount raised of around $24 billion. Facial photo images from each ICO’s investor packets were then evaluated for “trustworthiness” using indicators from previous empirical research.

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